Do not miss this opportunity of acquiring a great investment with further development potential. Currently in place is a 2500SQM Sectional title Retail shopping centre located in Gillitts, just off the M13. The Sale consists of all the GF sections and there are Real rights attached which can be used to further develop the Centre.
The ground floor consists of the Retail and Commercial component which is for sale and the current tenants are a mixture of Retail and Offices and includes some fantastic well frequented local restaurants. The first floor are sectional title residential apartments privately owned, of which some are also used for offices.
The sale is made up of the retail components of the Gillitts Shopping Centre, of which there are 11. Annual Gross Income is approximately R3.1 Million which excludes utilities, rates and rates. The sale includes a Real Right portion of land adjacent to the building, and would be perfectly suited to the development of a drive-thru or a large retail market. The seller has received several expressions of interest for both from national chains. The site has a vacant section with additional bulk of 2000 m2.
The centre is fully tenanted with retail outlets, offices and restaurants, achieving a net yield of 10.8%. It attracts a variety of local and visiting patrons. There is a fabulous central open air courtyard with covered seating area and ample of parking space throughout the centre.
Financials are available on request to serious buyers.
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